Days of slaughter : inside the fall of Freddie Mac and why it could happen again / Susan Wharton Gates.
2017
HG2040.5.U5 G38 2017 (Mapit)
Available at General Collection
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Details
Title
Days of slaughter : inside the fall of Freddie Mac and why it could happen again / Susan Wharton Gates.
ISBN
9781421421933 (hardcover)
1421421933 (hardcover)
9781421421940 (electronic book)
1421421933 (hardcover)
9781421421940 (electronic book)
Published
Baltimore, Maryland : Johns Hopkins University Press, 2017.
Copyright
©2017
Language
English
Description
xii, 286 pages ; 24 cm
Call Number
HG2040.5.U5 G38 2017
Dewey Decimal Classification
332.7/220973
Summary
"In September 2008, beset by mounting losses on high-risk mortgages and mortgage securities, the Federal Home Loan Mortgage Corporation teetered on the brink of insolvency. Fearing that confidence in the housing market would collapse completely if Freddie Mac and its competitor Fannie Mae failed, the US government made the difficult decision to place the two firms into conservatorship, taking control away from shareholders. Although the taxpayer commitment of hundreds of billions was meant to stabilize the housing finance system, Freddie's fall at the start of the financial crisis set off shockwaves around the world. In Days of Slaughter, Susan Wharton Gates, a former 19-year Freddie Mac employee and vice president of public policy, provides a vivid eyewitness account of the competing economic and political forces that led to massive losses for shareholders, investors, homeowners--and taxpayers. With a keen eye to the policy landscape, Gates relates the fateful decisions that led to Freddie Mac's downfall and desperate rescue. She also examines today's worrisome headlines about potential future bailouts, the uneven housing recovery, and stymied congressional reform efforts. Throughout the book, Gates argues convincingly that policymakers will be unable to safely reform the massive housing finance system that currently rests squarely on taxpayer shoulders without addressing deeper issues of ideology, moral hazard, and interest group politics. The first book to tell the story of Freddie Mac from an insider perspective--while casting a prophetic eye to the future--this first-hand account of housing policies, complex financial transactions, and the crazy quilt of federal and state actors involved in the Great Recession is a must-read. A cautionary tale of failed policies and corporate mismanagement that compellingly addresses previously unexplored issues of political ideology, organizational dynamics, and ethics, Days of Slaughter will appeal to readers everywhere who want a fuller explanation of what went awry in the US housing market"-- Provided by publisher.
"Days of Slaughter: The Fall of Freddie Mac and Why It Could Happen Again is the untold story of the steady financial and ethical unwinding of Freddie Mac, one of two key government-sponsored enterprises that failed in the wake of the unprecedented collapse of the housing market in 2008. A former 19-year employee and VP of public policy, Gates provides an eyewitness account of the competing economic and political forces that led to the government takeover of the housing finance industry, and relates those fateful decisions to today's worrisome headlines about the possibility of a second Freddie Mac bailout, softening housing markets, and stymied congressional reform efforts. Gates argues that, without addressing deeper issues of ideology, moral hazard, and interest-group politics, policymakers will not be able to reform the massive housing finance system that currently rests on taxpayer support in the absence of private capital. While there have been a number of books written on the financial crisis, not one has been solely focused on Freddie Mac, and none has had the benefit of an insider-employee perspective. In addition to providing a readable account of relevant housing policies, complex financial transactions, and the crazy quilt of federal and state actors, Gates addresses previously unexplored issues of political ideology, organizational theory, and ethics. A cautionary tale of ethical collapse, the book will find a home in academia, ranging from business schools to schools of public policy"-- Provided by publisher.
"Days of Slaughter: The Fall of Freddie Mac and Why It Could Happen Again is the untold story of the steady financial and ethical unwinding of Freddie Mac, one of two key government-sponsored enterprises that failed in the wake of the unprecedented collapse of the housing market in 2008. A former 19-year employee and VP of public policy, Gates provides an eyewitness account of the competing economic and political forces that led to the government takeover of the housing finance industry, and relates those fateful decisions to today's worrisome headlines about the possibility of a second Freddie Mac bailout, softening housing markets, and stymied congressional reform efforts. Gates argues that, without addressing deeper issues of ideology, moral hazard, and interest-group politics, policymakers will not be able to reform the massive housing finance system that currently rests on taxpayer support in the absence of private capital. While there have been a number of books written on the financial crisis, not one has been solely focused on Freddie Mac, and none has had the benefit of an insider-employee perspective. In addition to providing a readable account of relevant housing policies, complex financial transactions, and the crazy quilt of federal and state actors, Gates addresses previously unexplored issues of political ideology, organizational theory, and ethics. A cautionary tale of ethical collapse, the book will find a home in academia, ranging from business schools to schools of public policy"-- Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references (pages 257-278) and index.
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Table of Contents
Prologue : acknowledging the obvious
Reckoning day
Homeownership : dream or nightmare?
Securitization breakdown
Charter confusion
Affordable housing
Subprime semantics
Political capture
Who's ultimately responsible?
Scandal(s)
Battle for responsible credit leadership
One tough bill
Stand up and say
The unraveling
Sad good-byes
Housing's future
Wherefore ethics?
Reckoning day
Homeownership : dream or nightmare?
Securitization breakdown
Charter confusion
Affordable housing
Subprime semantics
Political capture
Who's ultimately responsible?
Scandal(s)
Battle for responsible credit leadership
One tough bill
Stand up and say
The unraveling
Sad good-byes
Housing's future
Wherefore ethics?